By a News Reporter-Staff News Editor at Entertainment Newsweekly -- Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE) reported results for the three months ended March 31, 2014.
The Company's revenues for the first quarter of 2014 were $45,477,000 compared with $50,518,000 for the first quarter of 2013.
Gaming revenues were down 12.2% compared to the first quarter of 2013, primarily as a result of increased competition in the region.
Other operating revenues were up 9.2% compared to last year to $5,695,000. Occupancy levels in the Dover Downs Hotel were approximately 80% for the first quarter of 2014 compared with approximately 84% for the first quarter of 2013, though cash sales were higher than last year. Strong convention business helped improve cash food and beverage sales.
General and administrative expenses of $1,393,000 and depreciation expense of $2,295,000 were both down compared to last year.
Interest expense increased to $460,000 during the quarter as a result of higher interest rates and fees offsetting lower outstanding borrowings.
Net loss was ($1,053,000), or ($.03) per diluted share, compared with net loss of ($283,000), or ($.01) per diluted share for the first quarter of 2013.
Denis McGlynn, the Company's President and Chief Executive Officer, stated: "The fact that the Company paid more than $16 million into the State's General Fund, more than $4 million for horse racing purses and almost $2.7 million on slot vendor fees during a quarter in which we incurred a $1 million net loss is clear evidence that our current revenue sharing model is out of balance and needs to be reset. This is an issue we continue to pursue with the state and with our current loan agreement set to expire in June, we are hopeful of a speedy resolution during the current legislative session."
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